Information Intermediaries: How Commercial Bankers Facilitate Strategic Alliances Marc Frattaroli | Christoph Herpfer July 4, 2019 Abstract We investigate how bankers use information from lending relationships to help borrowers combine resources in strategic alliances. Firms that have borrowed from the same banker or share an indirect connection through a network…

Hedge Fund Alpha, Cycle or Sunset? Rodney N. Sullivan, CFA, CAIA Abstract The hedge fund industry has grown from $200 billion in assets under management at the turn of the millennium to now over $3 trillion. Many reports criticize hedge funds for destroying investor capital particularly since the 2008 global…

Read Between the Filings Daily Mutual Fund Holdings and Liquidity Provision Michael Farrell August 2018 ABSTRACT Many questions about mutual fund trading require daily holdings, yet mutual funds are only required to report quarterly holdings. I model intraquarter trading and use the genetic algorithm to estimate the trade pattern that…

International Legal Institutions and the Globalization of Innovation Bo Bian, Jean-Marie Meier, and Ting Xu October 11, 2019 Abstract We study how innovation goes global in response to the establishment of strong international  legal institutions that reduce cross-border contracting frictions. We construct novel measures of the globalization of innovation at…

"Financial Crises: Research, Cases, and Courses"

The Natural Level of Capital Flows John D. Burger Sellinger School of Business, Loyola University Maryland Francis E. Warnock Darden Business School, University of Virginia NBER Veronica Cacdac Warnock Darden Business School, University of Virginia This Draft: November 2019 update (in progress) of NBER Working Paper 26184 Abstract We put…

Disclosure Crowdsourcing by Lawyers Michael Drake, Brigham Young University Kenneth Merkley, Indiana University Chase Potter, Indiana University John Treu, West Virginia University ABSTRACT Lawyers play an important advisory role in the IPO process, but our understanding of how they influence the process is limited. We provide evidence on the extent…

Financing Entrepreneurship: Tax Incentives for Early-Stage Investors Governments often subsidize startups with the goal of spurring entrepreneurship using tax incentives. Exploiting the staggered implementation of angel investor tax credits in 31 U.S. states from 1988 to 2018, we find that these programs increase the number of angel investments and average…

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds We use the U.S. mutual fund industry to study the relation between team diversity and performance. Focusing on diversity concerning political ideology, we find that diverse portfolio manager teams outperform homogeneous teams and have a higher active share, and tracking…